This morning, the Commodity Futures Trading Commission (CFTC) took historic action to permit the listing of a true bitcoin perpetual contract by a CFTC-registered exchange. In doing so, the Commission charted a path for one of the most liquid segments of the crypto asset markets to exist within the U.S. regulatory framework. Having true perpetual contracts in the United States is a major step forward in delivering on President Trump’s goal of cementing America as the crypto capital of the world.

Unlike a traditional futures contract, which was designed for markets that close overnight and on weekends, a perpetual contract (also known as a “perpetual” or “perp”) is a type of derivative contract that has no fixed expiration date….